Mortgage Crisis Changes Are Transforming Home Sales

Mortgage Crisis Changes Are Transforming Home Sales.

The Janesville Gazette (8/29, Leute) reports on low home appraisals that have caused buyers to back out of deals to purchase homes. The Gazette notes that "the National Association of Realtors reported that 16 percent of its members said they had sales contracts canceled in June" and that its chief economist, Lawrence Yun, point s to "tight credit and low appraisals" for the sales cancellations.